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Read more about Brent cracks $70 for 1st time since Covid after Saudi facilities attacked on Business Standard. Brent crude futures jumped above $70 a barrel for the first time since Covid pandemic began, while US crude touched its highest in over two years, following reports of attacks on Saudi oil facilities
Global oil prices rise by over $1 on slow US output restart; Brent reaches $65.30 per barrel
Brent crude was up $1.06, or 1.6%, at $65.30 a barrel by 0204 GMT, after earlier hitting a high of $66.38
Reuters | February 23, 2021 | Updated 10:45 IST
The Wall Street bank expects Brent prices to reach $70 per barrel in the second quarter from the $60 it predicted previously and $75 in the third quarter from $65 earlier
Oil prices jumped by more than $1 on Tuesday, as US output was slow to return after a deep freeze in Texas shut in crude production last week.
Shale oil producers in the southern United States could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output that shut down because of cold weather, as frozen pipes and power supply interruptions slow their recovery, sources said.